Stocks in Focus on May 14: Jet Airways, EIL and Avadh Sugar; here are the 5 newsmakers of the day
The domestic stocks dropped sharply on Monday, May 13, 2019, and closed in the red.
The domestic stocks dropped sharply on Monday, May 13, 2019, and closed in the red. The stocks registered losses for the ninth straight trading session but there were certain stocks that came in news after the market was closed for trading on the day and can impact the market after it reopens on Tuesday, May 14, 2019. Here is the list of five stocks:
Change in MSCI Index: MSCI Inc, the world’s largest index provider, on May 13, 2019, announced May 2019 Semi-Annual Index Review for the MSCI Equity Indexes. The changes will be implemented as of the close of May 28, 2019. ICICI Lombard has been included in the MSCI India Index while Cadila Healthcare will move out from the index. Twelve new shares will be added to the MSCI Small Cap index while 10 shares will exit. The MSCI India index is designed to measure the performance of the large-cap and midcap segments of the Indian market.
Jet Airways: Media reports suggest that the banks have rejected the buyout offer from Middle Eastern carrier Etihad Airways due to the stiff conditions put by the airways, which include a substantial write-down of the loans as a prerequisite to run Jet Airways. In addition, the Abu Dhabi-based airline company has put the onus of finding a majority investment partner on the Jet Lenders.
Engineers India Limited: The company has announced that the company has signed a contract with Mangol Refinery State Owned LLC for providing its PMC services for the construction of a crude oil refinery plant in Mongolia.
Avadh Sugar & Energy: The board of Avadh Sugar & Energy on May 13, 2019, recommended the issue of bonus shares by the capitalisation of capital redemption reserve in the ratio of 1:1. The decision is subject to shareholders’ approval through postal ballot, the company said
NBCC (India) Limited: Reports suggest that the government’s construction arm NBCC on May 13, 2019, decided against withdrawing certain conditions, including exemption from tax liability, in its revised offer for debt-laden Jaypee Infratech even as lenders have flagged serious concerns about the state-owned firm's conditional bid.